Schnitzer Steel Industries, Inc. (SCHN) Upgraded to “Strong-Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) from a hold rating to a strong-buy rating in a report issued on Saturday morning. They currently have $33.00 target price on the basic materials company’s stock.

According to Zacks, “Schnitzer Steel Industries, Inc. collects, processes and recycles metals by operating one of the largest metals recycling businesses in the United States. They also manufacture finished steel products at their technologically advanced steel mini-mill. “

Several other brokerages also recently issued reports on SCHN. KeyCorp reissued a hold rating on shares of Schnitzer Steel Industries in a research note on Wednesday. ValuEngine raised shares of Schnitzer Steel Industries from a hold rating to a buy rating in a research note on Thursday, October 5th. Macquarie began coverage on shares of Schnitzer Steel Industries in a research note on Wednesday, September 6th. They set a neutral rating and a $26.00 price objective on the stock. TheStreet raised shares of Schnitzer Steel Industries from a c+ rating to a b rating in a research note on Friday, June 30th. Finally, BidaskClub downgraded shares of Schnitzer Steel Industries from a buy rating to a hold rating in a research note on Wednesday, August 16th. Three analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $29.50.

Schnitzer Steel Industries (NASDAQ SCHN) traded up 1.72% during mid-day trading on Friday, hitting $29.50. 358,613 shares of the stock traded hands. The company has a market cap of $792.31 million, a price-to-earnings ratio of 10.14 and a beta of 1.34. The stock’s 50 day moving average is $27.34 and its 200-day moving average is $23.29. Schnitzer Steel Industries has a 12 month low of $17.50 and a 12 month high of $30.60.

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A number of large investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its stake in Schnitzer Steel Industries by 0.8% during the first quarter. Dimensional Fund Advisors LP now owns 2,270,696 shares of the basic materials company’s stock worth $46,890,000 after purchasing an additional 18,355 shares during the period. State Street Corp raised its stake in Schnitzer Steel Industries by 1.6% during the second quarter. State Street Corp now owns 1,344,366 shares of the basic materials company’s stock worth $33,877,000 after purchasing an additional 20,636 shares during the period. Rutabaga Capital Management LLC MA raised its stake in Schnitzer Steel Industries by 69.4% during the second quarter. Rutabaga Capital Management LLC MA now owns 891,536 shares of the basic materials company’s stock worth $22,467,000 after purchasing an additional 365,259 shares during the period. Heartland Advisors Inc. raised its stake in Schnitzer Steel Industries by 7.1% during the second quarter. Heartland Advisors Inc. now owns 711,995 shares of the basic materials company’s stock worth $17,942,000 after purchasing an additional 47,447 shares during the period. Finally, Teachers Advisors LLC raised its stake in Schnitzer Steel Industries by 24.8% during the second quarter. Teachers Advisors LLC now owns 595,951 shares of the basic materials company’s stock worth $15,018,000 after purchasing an additional 118,453 shares during the period. 82.37% of the stock is currently owned by institutional investors.

About Schnitzer Steel Industries

Schnitzer Steel Industries, Inc is a recycler of ferrous and nonferrous scrap metal, including end-of-life vehicles, and a manufacturer of finished steel products. The Company operates through two segments: the Auto and Metals Recycling (AMR) business and the Steel Manufacturing Business (SMB). The AMR segment collects and recycles auto bodies, rail cars, home appliances, industrial machinery, manufacturing scrap and construction and demolition scrap from bridges, buildings and other infrastructure.

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